 What I want to do is just talk through who Tasmanian irrigation is, what we do, how we do it, what are our challenges, what progress have we made to date, and what have we learnt along the way. So who's Tasmanian irrigation? We're a state-owned company, we've got a board, a small board, and a small group of staff, very skills-based, and we're focused on developing, operating and owning irrigation schemes in Tasmania. We construct and we manage and we encourage investment in every sense of investment across the state. Some of you will remember Tasmanian Irrigation Development Board, some of you might remember the Rivers and Water Supply Commission, Tasmanian Irrigation was born out of those earlier groups. What's so special about Tasmania? And it's worth just dwelling on that. In Tasmania, 13% of Australia's rainwater runoff and less than 1% of the land mass, so there's a massive amount of water falling on Tasmania. 8% of Tasmania's farmland that is irrigated is accounting for 60% of the state's agricultural production, and we've got optimum growing conditions for a range of products, so we've got the flexibility to grow all sorts of products within the state. Our vision, it's a little bit wordy at the moment I think, but it's about strengthening rural communities, through increasing economic activity, through irrigated agriculture, with consideration of the natural assets that we have in Tasmania. So it's all about how do we work with the community to make more money using irrigation and using the assets that Tasmania already has. How we work, and I want to just draw back to where I've come from, which was China. They had a philosophy was that we build and the people will come, and when you've got a couple of billion people in the population, that works. We have a completely different philosophy. Our philosophy is what do the people really want, will they commit to it, then let's design it, and then we'll build it. We work very, very closely with the community, through TFGA, through local farmers, so that all the way through our process we're consulting with the community, forming an irrigation committee, so that we're getting real feedback as to what is required, making sure that we develop it. Once we've developed it, we then give the plan back to the community, and we give them a 30-day window and say, hey, pick it apart. Tell us what we've got wrong, so that by the time we're ready to start constructing the scheme, it's had all the input into it that we can get, so that the scheme doesn't belong to Tasmania in irrigation, it belongs to the community, because that ownership is all important. Absolute key to our success is that ownership of the community. Why? The scheme's got to be viable, and I'll talk in a minute about how we fund the schemes. It's got to be environmentally sustainable, and it's got to be supported by the communities, because if the communities don't buy the water, by definition it can't be successful. Our business cases look at three key things. Have we sold the water? And we have a mechanism for how we put a cost on water, which will vary from scheme to scheme. Have we got all the approvals in place to build the schemes? And then the key, which gets forgotten sometimes when people start to develop, can we actually then contract the works within the budget that we set, so that we can go into a development programme and meet our budgets and not find ourselves going for a scheme and we're over budget, so we start to have an excess of costs. So if I talk quickly about the water entitlement structure, we work on a 95% water reliability, and that's a figure that's been developed over time in consultation with farmers. What reliability do they want to have certainty of water? We work on pricing, as I say, on farmgate margins, and that pricing formula will be different for each scheme, depending on what is actually being grown in that area. There's a public and a private contribution. Typically that's between $1,200 to $1,500 a mega-litre, but that can vary depending on the scheme. We require a pre-commitment to purchase, so it's the old saying, you have to put your money where your mouth is. We've all been in meetings where everybody puts their hand up because they're interested. We require that commitment and we require a deposit prior to starting construction. I remember back to when I was last in Tasmania, irrigation sales were just starting and there was the real slowness in getting people to actually recognise that they had to invest in water and be prepared to commit to the supply. What we see now is actually a very attractive water market development because the water is not attached to the land, it's an investment. We have some very clear defined trading rules and during this last 2014-15 year we saw a 126% increase in water trading over the year before. So people are now saying, I've seen the value of water, I want to buy more so that I can continue to enhance my profitability and they're actually out there trading in the water scheme to get more water into their system. Easy to talk about what we want to do, what have we actually achieved? So two schemes and since I'm in Australia, I suppose I've got to say tranche one rather than tranche one, but if I go to our first ten schemes which we've now developed, is over half a billion dollars worth of investment has gone into those first ten schemes. There's spread throughout Tasmania, ten schemes, 75,000 mega litres, there's 319 million dollars of CAPEX to build the schemes and we're covering 133,000 hectares. Those schemes are all basically up and running, people are buying using that water on a daily basis and even in the drought conditions that we've had we are supplying water as contracted. What's coming up which is our tranche two, there's five irrigation schemes that we are planning to deliver. There's still very much in the planning stage, some of you will have seen the press release last night early this morning that the Deputy Prime Minister and the Minister of Ag and Water in Tasmania have just announced that the funding for the first scheme in tranche two has now been approved and announced, but all up in tranche two we're looking at $412 million worth of investment and that will be spread over these next couple of years in five schemes. So again, spread throughout Tasmania, 26,000 mega litres, $140 million CAPEX building the schemes and 66,000 hectares of coverage. Those figures will change obviously as we fine tune the schemes. We talked a little bit earlier about the community and I'll start by saying everything we do, the community comes first. There is no us and them. We are bringing the community in from the very outset of our discussions because Tasmanian irrigation doesn't need any water. We're not farming. It's the community that needs the water. So everything we can do, it's how do they want the water? Where do they want the water? But also taking that a step further and saying how can we actually utilise that water resource so that it does other things as well? Is it going to be used for firefighting resources? Is it going to be used as a recreational resource? So really bringing in that community. And again, I'll talk more in detail about this photo here, but you can see the buy-in and the commitment of the community when they get the funding announcement about irrigation. I think anyone in this room who's involved in development will know that development's not easy. There's all of the environmental challenges and solutions, approvals, protection of environment, et cetera, et cetera. The point I want to make is that we are a government organisation, but we, like everybody else, every farmer, must go through every single stage of the process as you do. And I think we hold the record in that we have put 10 applications to government and had each of those approved. I'm not going to go through the whole list, but just suffice to say that we go through the whole process of environmental approvals. We make sure that we're covering off on all the national water initiative outcomes, and we make sure that we're covering off on all the environmental outcomes. We're really strong on monitoring the existing schemes to ensure that we have actually, during the build process and then during the operational process, have looked after our environmental outcomes and taken those very seriously. Just if we talk briefly about the engineering outcomes, I know for some of the schemes when we talk about the size of Murray-Darling, we seem small. But 100-year design life, 95% plus reliability, capacity determined by demand and availability of water, and a phrase which I think is really, it encapsulates what we're trying to do, is simplicity. We're not trying to design things to be smart. We're trying to design things to make them as simple as possible so that they will last the test of time. Just a quick snapshot of what construction looks like. So this is the Midlands Water Scheme and just some details about it. It's the largest scheme we've done to date, 104 million. It took us two years to build. It provides 38,500 mega litres. We had landholder water sails and we had investor water sails. So again, very clearly there are commercial investors who have bought water as an investment. They're not farmers. They see it as an opportunity to invest in agriculture in a different way. I think I am okay for time, so I just want to give you a quick run for it. This is what two years looks like. So there's no soundtrack to go through this, but this is just walking you through in literally a minute. The time scale for how we put the plan together, the earthworks that go on, the bringing in of the communities, the looking after of the environment, the fact that we have to keep going to meet deadlines, then two years later we're coming out the other end and we literally have got water at people's gates so that they can irrigate their properties. What have we learned along the way? We think we've been successful because we've got a real culture within the organisation of people who want to see things succeed. If you look at the background of our business, there are people who've come out of industry, they've come from the forestry sector, their engineers, their project managers, and their culture is let's get in and get things done, let's make things happen. So there's a philosophy, walking around the office on my first day on Monday, everybody's engaged in doing something and they know exactly what's got to be done and how to get it done and they're very focused. We've got a real culture of bringing in the community, getting that involvement all the way through. We're flexible. If a farmer has his chance during the 30-day review cycle and says, hey, have you thought about this? We're not constrained by what we've put in that plan. We deliberately have a review cycle there so that people can come forward and give us ideas. We really work hard to have good relationships with regulators. We need their support and it's important that they understand what it is we're trying to do and internally we're incredibly rigorous about the way we do things. Every one of our schemes has to work. It's one thing to build them. It's another thing to make sure that day in, day out we can supply the water that we committed to supply. We've received a number of accolades. We've been regarded by many as best practice water development. We're helping out in other states around Australia. But I think it's easy for us to say lots of things about ourselves, but I think what I'll do is go to this final quote, which is a very, very good quote from Colin Houston. In 1969 my father bought the 200-acre property which ran a few sheep and returned $20,000. With water it's doing $35 million, it's employing 175 people and it's producing good quality salads and lettuces for most of Australia. And that's entirely due to irrigation. I'll just end. We've got philosophy very similar to that of the Chinese where I worked for a few years. They talk about what they're doing for their children's children. They're talking about the future all the time. And certainly the philosophy in Tasmanian irrigation is we've got to be planning for 100 years out. So to me that's an awesome thing to be doing. We're thinking about the future 100 years out. How do we make sure that we're actually making things better in the state to make the state more successful? So thank you.